S&P 500 Edges Up as Nvidia Earnings and Fed Minutes Loom

CNBC reported Wednesday that the S&P 500 edged up roughly 0.3% in early trade. The Nasdaq Composite added 0.5%. The Dow Jones Industrial Average slipped around 70 points, or 0.2%.

Oil Retreat Offers Breathing Room

Falling crude prices helped lift sentiment. West Texas Intermediate futures dropped about 2% to near $62 per barrel. Brent crude fell a similar amount to around $68 a barrel. The easing in energy costs came as investors juggled concerns over the U.S.-Iran conflict and its effect on global supply.

Bond markets also steadied after a turbulent stretch. The 10-year Treasury yield dipped nearly 2 basis points Wednesday morning. The 30-year yield edged lower by more than 1 basis point. Both moves offered modest relief to equity bulls.

Nvidia Earnings Put AI Momentum on the Line

Wall Street’s main event arrives after Wednesday’s close. Nvidia reports its fiscal first-quarter results, and the stakes are unusually high. Goldman Sachs chief U.S. equity strategist Ben Snider told CNBC Tuesday that the chipmaker has contributed roughly 20% of the S&P 500’s total returns this year. It has driven a comparable share of the broad index’s earnings growth in 2026.

Snider said investors across asset classes treat Nvidia’s numbers as a barometer for AI infrastructure spending. Any sign of softening demand for data-centre chips could ripple well beyond the stock itself. Nvidia shares were marginally higher ahead of the open.

A Bruising Stretch for Equities

Wednesday’s uptick followed three straight losing sessions for both the S&P 500 and the Nasdaq. A surge in bond yields drove that pullback. The 30-year Treasury yield briefly touched 5.19% on Tuesday, a level not seen in nearly 19 years. The 10-year yield hit 4.687%, its highest point since January 2025.

The spike in yields followed a run of economic data suggesting inflation could be reaccelerating. Uncertainty around the U.S.-Iran conflict added further pressure on rates.

Also Read: What Rising Long-Term Yields Mean for Equity Valuations

Fed Minutes Add Another Variable

Traders are also watching the Federal Reserve’s release of minutes from its April policy meeting, due at 2 p.m. ET Wednesday. The readout could clarify how officials are weighing stubborn inflation against slowing growth. Any hawkish signals risk reigniting pressure on rate-sensitive equities.

Elsewhere, Mediterranean restaurant chain Cava posted a first-quarter earnings and revenue beat. Its shares jumped more than 7% in premarket trading. Logistics firm C.H. Robinson also drew attention after Jefferies upgraded the stock to buy and raised its price target to $200.

Read Next: Fed Policy and the Inflation Debate: What Investors Are Watching